Remittances: Western Union services Nigeria

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WESTERN Union launched last week Nigeria’s first outbound remittance payment service that was expected to boost business growth and reduce transaction costs for consumers in Africa’s biggest economy, the company said in a statement on Friday. Although Western Union was launched in Nigeria in 1995, consumers were only able to receive funds, and the outbound remittance service means that for the first time they will be able to send money anywhere in the world. The First Bank of Nigeria will be the first to offer the service at select branches, and the service is expected to be rolled out at 5 000 Western Union outlets shortly. – Dineo Faku

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